Dire dry cargo rates have seen Danish operator Copenship and division Copenship Bulkers file for bankruptcy.
An extremely poor market, counterparty defaults and unsettled claims, have been cited as reasons behind the filing.
Management have sought the protection of the Bankruptcy Division of the Danish Maritime and Commercial Court.
Per Astrup Madsen of the LEET law firm is talking charge of the proceedings.
The move comes with dry cargo rates running at 30-year lows and the Baltic Dry Index below 600 points.
Copenship is an established name in the bulker market, having been founded in 1978. Copenship has a fleet of over 50 vessels on charter at any one time.